Contract Types Jeopardy

Risk

100

What Contract Type puts the most risk on the Contractor?

Firm Fixed Price

200

What contract type would the government use if they didn't have well-defined requirements?

Cost-Reimbursable

300

This contract type is used when the government has moderately uncertain contract labor or material requirements

Fixed Price Incentive Fee

400

Name two risk factors that should be considered when determining the appropriate type of contract?

-Complexity of Requirements
-Urgency of Requirements
-Financial Capability
-Period of Performance
-Technical Capability
-Incentives
-Accounting System Adequacy

Contract Type

100

What contract type:

a) requires expenditure of a specific number of labor hours during the stated period of time;

b) describes the scope of work in general terms

Fixed Price Level of Effort

200

What is the contract type used when profit is directly related to contract or performance?

Fixed Price Incentive

300

What contract type reduces Government and Contractor risk during unstable market and labor conditions?

Fixed Price with Economic Price Adjustment

400

In this contract type:

a) Cost are reimbursed up to the estimated cost and specified fee paid;

b) Fee is not changed unless there is a change in work or term of the contract

Cost-Plus-Fixed-Fee

FAR

100

Which FAR section contains the definitions of contract types and any other terminology you will find in the FAR?

Part 2

200

What FAR section covers Federal Supply Schedule (FSS) Orders

FAR 8.4

300

What FAR section contains Blanket Purchase Agreements

FAR Part 13

400

Which FAR section covers contract types?

FAR Part 16

Mixed Bag

100

Which kind of contract are these the elements of?

Ceiling Price
Reimbursing Direct and Material Costs
Labor Rate that Covers Overhead and Profit

Time and Materials

200

What would be used to expedite the procurement process on urgent requirements prior to completion of procedural requirements?

Letter Contracts

300

What is a typical application of a Firm-Fixed-Price Contract?

Commercial Supplies and Services

400

What contract type allows task orders or delivery orders to be established by one government agency for government-wide use?

Government-Wide Acquisition Contract (GWAC)

FINAL JEOPARDY

100

This Contract does not fully specify the time of delivery and/or the quantity to be delivered, but provides an estimate of a minimum and maximum of the needs to be delivered.

Indefinite-Delivery/Indefinite-Quantity Contracts (IDIQ)